COMPANY REGISTRATION NUMBER: 1403266 CHARITY REGISTRATION NUMBER: 277185
The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Financial Statements
31st March 2023
BRIAN PAUL LIMITED
Chartered Accountants & Statutory Auditors Chase Green House 42 Chase Side Enfield Middlesex EN2 6NF
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Financial Statements
Year ended 31st March 2023
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the members | 7 |
| Statement of financial activities (including income and | |
| expenditure account) | 13 |
| Statement of financial position | 14 |
| Statement of cash flows | 15 |
| Notes to the financial statements | 16 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 36 |
| Notes to the detailed statement of financial activities | 38 |
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31st March 2023
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31st March 2023.
Reference and administrative details
Registered charity name
Charity registration number
Company registration number
The Zoroastrian Trust Funds Of Europe (Incorporated)
277185
1403266
Principal office and registered office
Zoroastrian Centre 440 Alexandra Avenue Harrow Middlesex HA2 9TL United Kingdom
Management Committee
President Vice President Honorary Treasurer Honorary Secretary & YZ Coordinator Joint Honorary Secretary & Joint YZ Coordinator Social & House Secretary XYZ Fun Club Coordinator Communications Officer Communications Officer Iranian Community Engagement Officer Special Project Officer Special Project Officer Global Working Group Representative
Mr Malcolm M Deboo Mr Behram R Kapadia Mr Javid S Canteenwala Mr Rohinton F Munshi Ms Jesmin Sorab Mr Gav D Buhariwala Resigned 18 Nov 2022 Miss Shazneen Y Munshi Mr Darius J Karkaria Resigned 31 May 2022 Dr Koka Karishma Appointed 30 April 2022 Mr Khashayar Khoshraviani Appointed 30 April 2022 Mr Kobad S Avari Mr Yazad H Dalal Appointed 18 Nov 2022 Mr Dorab E Mistry OBE Resigned 18 Nov 2022
The Trustees
Company secretary
Mr Rusi K Dalal Mr Ardeshir M Bilimoria Resigned 18 Nov 2022 Mrs Bapsy Dastur Mr Dorab E Mistry Appointed 18 Nov 2022 Mr Rohinton F Munshi
Auditor
Bankers
Brian Paul Limited Chartered Accountants & Registered Auditors Chase Green House 42 Chase Side Enfield Middlesex EN2 6NF National Westminster Bank Plc 315 Station Road Harrow Middlesex HA1 2AD
1
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31st March 2023
Structure, governance and management
The Company is limited by guarantee and was incorporated in 1978. It is registered as a Charity with the Charity Commission. Its operations are governed by its Memorandum and Articles of Association. The Charity was set up to advance the Zoroastrian religious faith, provide and maintain a burial ground and to relieve poverty among Zoroastrians, as detailed in the Charity's constitution. In so doing the Trustees confirm that they have complied with the duty in section 17(5)g of the 2011 Charities Act to have regard to the guidance published by the Charity Commission in respect of public benefit.
Appointment of Directors and Trustees
Management Committee Members are elected annually at the AGM by the Members of the Association, when one third of the Committee retire by rotation. Trustees are also elected directly by association members but serve for a period of seven years. Although the constitutional documents of the association draw a distinction between Trustees and management Committee members, under Companies Act and for Charity Commission purposes both these above categories are treated as Directors and Trustees.
The President is elected directly by members present at an AGM from amongst the newly constituted Management Committee at its first meeting after an AGM.
Organisation and Management
The Charity relies largely on the unpaid and voluntary services of its Trustees Management Committee and a large number of volunteers. The Charity is run by the Trustees and Management Committee, who meet on a monthly basis and also communicate frequently by email and on conference calls. The President, together with each portfolio holding member of the Management Committee is responsible for the day to day running of the Charity. Specific sub-committees such as the Finance Sub-committee and the House Committee are charged with specific responsibilities. The Trustees provide periodic guidance and review the affairs of the Charity at meetings with the portfolio holders and at specific meetings of the Trustees.
Induction of Management Committee Members and Trustees
Newly elected Members and Trustees are required to familiarise themselves with relevant publications of the Charity Commission and Companies House on their duties and responsibilities. A programme of mentoring newly elected Members by their more experienced colleagues is also in place.
Related Parties
The Charity has no subsidiaries or related parties.
Risk Management
The Management Committee and the Trustees undertake a review of the Charity's financial assets, available reserves and potential liabilities as a measure of prudent risk management at least once each year. From time to time other strategic and operational risks faced by the Charity in relation to its property and its activities are also reviewed. Appropriate measures including the use of insurance are taken to mitigate partially or eliminate completely their potential impact.
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The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31st March 2023
Objectives and activities
The Charity seeks to provide services of a religious, social and cultural nature to Members of the Zoroastrian Faith, one of mankind's oldest religions, now recognised as one of the nine major religions practised in the UK and Europe. The Charity maintains the only Zoroastrian Place of Worship in Europe at the Zoroastrian Centre in Harrow as well as the first Zoroastrian Burial Ground in Europe at Brookwood in Surrey. The celebration of Zoroastrian festivals and the conduct of prayers, rituals and religious worship are a cornerstone of its activities. The Charity actively participates in worldwide Zoroastrian community affairs particularly in relation to education, welfare, and social uplift. The Charity also participates actively in UK and European Inter-faith organisations.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The Association is grateful to its in-house investment sub-committee which handles the management of the investments. The sub-committee reports to the Finance committee and periodically also reports to the Trustees and the Management Committee.
Financial review
The Income of the Charity for the year ended 31st March 2023 was £925,535 (2022: £474,278), whereas the costs of Charitable Activities were £600,309 (2022: £320,084) and Governance Costs were £67,889 (2022: £66,017).
The realised gain on investments was £Nil (2022: £21,334) whereas the unrealised loss amounted to £190,902 (gain 2022: £276,974). The net movement in funds for the year was a surplus sum of £66,435 (2022: £386,485).
The Charity benefited from its prudent investment policy. The portfolio is constantly reviewed by the investment sub-committee and also by the Trustees and the full managing committee. The policy of investing in blue chip dividend paying companies as well as reputable dividend paying investment trusts and funds helped in providing a steady income stream for the charity.
During the year the overall net assets of the charity increased from £7,795,465 to £7,861,901.
The income of the charity is primarily derived from voluntary donations made by members of the community, subscriptions, major donations from munificent patrons and other benefactors, bequests as well as investment income and gains. The substantial reserves prudently held by the charity have stood it in good stead during these uncertain economic times.
The results of the year are set out in detail on pages 13 - 34
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The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31st March 2023
Financial review (continued)
Investment Powers and Policy
All investments held by the Charity have been acquired in accordance with the powers invested in the Trustees and Management Committee by the Articles of Association
The investment policy of the Charity aims at balancing the need for growth and income while preserving capital. The Trustees and Management Committee remain responsible for determining the investment policy and its implementation, but the task of maintaining the portfolio has been delegated to a sub-committee and independent brokers Charles Stanley, acting in consultation with the Trustees.
The investment policy is based on the following criteria:
A reasonable spread of investments across mainly UK market sectors including a significant proportion in higher income yielding stocks, UK government securities and treasury deposits.
Exercising prudence in balancing security of capital with the need to generate income, complying with charity legislation and the Charity's constitution.
Reserves Policy
Upon the sale of the freehold property at 88 Compayne Gardens in 2005, sixty-five (65) percent of the surplus was transferred to the Unrestricted Designated Funds in order to ensure that income and gains from these investments will balance or exceed the running and maintenance expenditure of the association. This would ensure that the charity would have sufficient income to maintain its current level of activities for the foreseeable future. For the purpose of the running costs and maintenance of the Zoroastrian Centre, a reserve is funded by the investment portfolio.
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
4
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31st March 2023
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The trustees' annual report and the strategic report were approved on Monday 13[th] November 2023. and signed on behalf of the board of trustees by:
Mr M M Deboo Mr J S Canteenwala President Treasurer
5
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Zoroastrian Trust Funds Of Europe (Incorporated)
Year ended 31st March 2023
Opinion
We have audited the financial statements of The Zoroastrian Trust Funds of Europe (Incorporated) (the 'charity') for the year ended 31st March 2023 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31st March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
6
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Zoroastrian Trust Funds Of Europe (Incorporated) (continued)
Year ended 31st March 2023
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
7
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Zoroastrian Trust Funds Of Europe (Incorporated) (continued)
Year ended 31st March 2023
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Zoroastrian Trust Funds Of Europe (Incorporated) (continued)
Year ended 31st March 2023
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which the audit was considered capable of detecting irregularities including fraud.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the pharmaceutical sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK Taxes Acts, data protection, anti-bribery, employment, environmental and health and safety legislation and Charity Act 2011 regulations;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
To address the risk of fraud through management bias and override of controls, we:
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The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Zoroastrian Trust Funds Of Europe (Incorporated) (continued)
Year ended 31st March 2023
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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investigated the rationale behind significant or unusual transactions; and
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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enquiring of management as to actual and potential litigation and claims;
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
10
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Zoroastrian Trust Funds Of Europe (Incorporated) (continued)
Year ended 31st March 2023
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Phillips FCA Senior Statutory Auditor
For and on behalf of Brian Paul Limited
Chartered Accountants & Registered Auditors Chase Green House 42 Chase Side Enfield Middlesex EN2 6NF
……………………………..
11
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31st March 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 174,423 | 579,921 | 754,344 | 314,139 |
| Investment income | 6 | 56,286 | 114,905 | 171,191 | 144,205 |
| Other income | 7 | – | – | – | 15,934 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 230,709 | 694,826 | 925,535 | 474,278 | |
| ================================ | ================================ | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on charitable activities | 8,9 | 468,182 | 200,016 | 668,198 | 386,101 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 468,182 | 200,016 | 668,198 | 386,101 | |
| ================================ | ================================ | ================================ | ================================ | ||
| Net losses/(gains) on investments | 10 | 62,767 | 128,135 | 190,902 | (298,308) |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net income and net movement in | funds | (300,240) | 366,675 | 66,435 | 386,485 |
| ================================ | ================================ | ================================ | ================================ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 2,563,089 | 5,232,376 | 7,795,465 | 7,408,980 | |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 2,262,849 | 5,599,052 | 7,861,901 | 7,795,465 | |
| ========================================= | ========================================= | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 15 to 33 form part of these financial statements.
12
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Statement of Financial Position
31st March 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 15 | 2,284,991 | 2,356,388 |
| Investments | 16 | 4,357,059 | 4,235,754 |
| ----------------------------------------- | ----------------------------------------- | ||
| 6,642,050 | 6,592,142 | ||
| Current assets | |||
| Debtors | 17 | 221,622 | 26,531 |
| Cash at bank and in hand | 1,299,033 | 1,191,799 | |
| ----------------------------------------- | ----------------------------------------- | ||
| 1,520,655 | 1,218,330 | ||
| Creditors: amounts falling due within one year | 18 | 300,804 | 15,007 |
| ----------------------------------------- | ----------------------------------------- | ||
| Net current assets | 1,219,851 | 1,203,323 | |
| ----------------------------------------- | ----------------------------------------- | ||
| Total assets less current liabilities | 7,861,901 | 7,795,465 | |
| ----------------------------------------- | ----------------------------------------- | ||
| Net assets | 7,861,901 | 7,795,465 | |
| ========================================= | ========================================= | ||
| Funds of the charity | |||
| Restricted funds | 5,599,052 | 5,232,376 | |
| Unrestricted funds | 2,262,849 | 2,563,089 | |
| ----------------------------------------- | ----------------------------------------- | ||
| Total charity funds | 19 | 7,861,901 | 7,795,465 |
| ========================================= | ========================================= |
These financial statements were approved by the board of trustees and authorised for issue on Monday 13[th] November 2023, and are signed on behalf of the board by:
Mr M M Deboo Mr J S Canteenwala President Treasurer
The notes on pages 15 to 33 form part of these financial statements.
13
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31st March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 66,435 | 386,485 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 71,397 | 71,671 |
| Net (losses)/gains on investments | 190,902 | (298,308) |
| Dividends, interest and rents from investments | (166,516) | (144,128) |
| Other interest receivable and similar income | (4,675) | (77) |
| Interest payable and similar charges | 421 | 211 |
| Accrued expenses/(income) | 3,378 | (240) |
| Changes in: | ||
| Trade and other debtors | (195,091) | (776) |
| Trade and other creditors | 282,419 | 1,396 |
| -------------------------------- | -------------------------------- | |
| Cash generated from operations | 248,670 | 16,234 |
| Interest paid | (421) | (211) |
| Interest received | 4,675 | 77 |
| -------------------------------- | ---------------------------- | |
| Net cash from operating activities | 252,924 | 16,100 |
| ================================ | ============================ | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 166,516 | 144,128 |
| Purchases of other investments | (328,897) | (178,660) |
| Proceeds from sale of other investments | 16,691 | 509,631 |
| -------------------------------- | -------------------------------- | |
| Net cash (used in)/from investing activities | (145,690) | 475,099 |
| ================================ | ================================ | |
| Net increase in cash and cash equivalents | 107,234 | 491,199 |
| Cash and cash equivalents at beginning of year | 1,191,799 | 700,600 |
| ----------------------------------------- | ----------------------------------------- | |
| Cash and cash equivalents at end of year | 1,299,033 | 1,191,799 |
| ========================================= | ========================================= |
The notes on pages 15 to 33 form part of these financial statements.
14
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31st March 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Zoroastrian Centre, 440 Alexandra Avenue, Harrow, Middlesex, HA2 9TL, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The charity consider that there are no material uncertainties about the charity's ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the charity is the performance of investment markets (see the investment policy performance and risk management sections of the trustees annual report for more information).
Judgements and key sources of estimation uncertainty
In producing these accounts the trustees have considered accounting policies and relevant estimates. In the trustees opinion and to the best of their knowledge significant accounting entries are based upon facts. However, these accounts do include estimates in relation to useful life of assets and immaterial accruals.
15
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
3. Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment as set out in the notes to the accounts
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
The charity has no set policy on transfer between funds, with individual transfers arising as a consequence of specific funding requirements.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
16
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% straight line Fixtures and fittings - 15% reducing balance
17
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
3. Accounting policies (continued)
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals during the year. The charity generally does not acquire put options, derivatives or other complex financial instruments. Investments are made in equities, funds and money market deposits.
The main forms of financial risks faced by the charity are that of a lack of support from the community, volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or subsectors.
Investment income and bank interest
Investment income and bank interest are apportioned to the credit of the unutilised restricted funds, general and designated unrestricted funds based on the value of the relevant funds at the beginning of the year. Investment income and bank interest have not been allocated to those funds which were set aside for the acquisition and refurbishment of properties.
Realised gains or losses on sale of investments
All gains and losses are taken to the Statement of Financial Activities as they arise. The gains or losses on the sale of the investments are apportioned to the credit or debit of the unutilised restricted funds and the general and designated unrestricted funds based on the value of the relevant funds at the beginning of the year. The gains and losses on the sale of investments have not been allocated to those funds which have been utilised for acquisition and refurbishment of properties.
Unrealised gains or losses on investments
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Unrealised gains or losses arising on the valuation of investments are apportioned to the credit or debit of the unutilised restricted funds and the general and designated unrestricted funds based on the value of the relevant funds at the beginning of the year. Unrealised gains or losses arising on the valuation of investments have not been allocated to those funds which have been utilised for acquisition and refurbishment of properties. Unrealised gains arising on the revaluation of the freehold property acquired from restricted funds are apportioned to the credit of the restricted fund.
Life subscriptions
Life subscriptions received during the year are taken into the income and expenditure account.
18
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
3. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Irrecoverable VAT
Irrecoverable vat is charged against the expenditure heading for which it is incurred.
Pensions
Employees of the charity are entitled to join a contribution 'money purchase' scheme. The charity contribution is restricted to the contributions disclosed in note 13. The costs of defined contribution scheme are included within support and governance costs and charged to the unrestricted funds of the charity. The money purchase plan invests the contributions made by the employee and employer in an investment fund to build up over the term of the plan. The pension fund is then converted into a pension upon the employee's normal retirement age which is defined as when they are eligible for a state pension. The charity has no liability beyond making its contributions and paying across the deductions for the employee’s contributions.
4. Limited by guarantee
The Company is limited by guarantee and was incorporated in 1978 in England and Wales.
19
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Donations | |||
| Donations: (other) | 124,753 | – | 124,753 |
| Burial Ground Fund - Upkeep and funerals | 29,530 | – | 29,530 |
| WZCC | 2,513 | – | 2,513 |
| Place of worship | – | 9,642 | 9,642 |
| Medical relief fund | – | 6,230 | 6,230 |
| Poor Peoples Project | – | 2,627 | 2,627 |
| Religious funds | – | 22,047 | 22,047 |
| Mobed fund | – | 12,875 | 12,875 |
| Sesquicentennial Fund for Propagation of | |||
| Zoroastrianism, Inter-faith and Goodwill | – | 1,500 | 1,500 |
| Educational fund | – | – | – |
| Income tax recoverable | 12,242 | – | 12,242 |
| AAJEA Mobed Education Fund | – | 225,000 | 225,000 |
| Zoroastrian Scholarship for STEM subjects | – | 300,000 | 300,000 |
| Subscriptions | |||
| Ordinary membership subscriptions | 1,185 | – | 1,185 |
| Life membership subscriptions | 4,200 | – | 4,200 |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| 174,423 | 579,921 | 754,344 | |
| ================================ | ================================ | ================================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Donations: (other) | 51,595 | – | 51,595 |
| Burial Ground Fund - Upkeep and funerals | 32,683 | – | 32,683 |
| WZCC | 2,790 | – | 2,790 |
| Place of worship | – | 774 | 774 |
| Medical relief fund | – | 13,734 | 13,734 |
| Poor Peoples Project | – | 2,053 | 2,053 |
| Religious funds | – | 7,811 | 7,811 |
| Mobed fund | – | 18,895 | 18,895 |
| Sesquicentennial Fund for Propagation of | |||
| Zoroastrianism, Inter-faith and Goodwill | – | 5,760 | 5,760 |
| Library Fund Other | – | 25,496 | 25,496 |
| AAJEA Development Fund | – | 50,000 | 50,000 |
| AAJEA Mobed Fund | – | 50,000 | 50,000 |
| Faridoon M Madon MBE Mobed Fund | – | 50,853 | 50,853 |
| Subscriptions | |||
| Ordinary membership subscriptions | 1,095 | – | 1,095 |
| Life membership subscriptions | 600 | – | 600 |
| ---------------------------- | -------------------------------- | -------------------------------- | |
| 88,763 | 225,376 | 314,139 | |
| ============================ | ================================ | ================================ |
20
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
6. Investment income
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Dividend Income | 54,749 | 111,767 | 166,516 | ||
| Bank Interest received | 1,537 | 3,138 | 4,675 | ||
| ---------------------------- | -------------------------------- | -------------------------------- | |||
| 56,286 | 114,905 | 171,191 | |||
| ============================ | ================================ | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Dividend Income | 49,383 | 94,745 | 144,128 | ||
| Bank Interest received | 24 | 53 | 77 | ||
| ---------------------------- | ---------------------------- | -------------------------------- | |||
| 49,407 | 94,798 | 144,205 | |||
| ============================ | ============================ | ================================ | |||
| 7. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Covid-19 furloughed grant received | – | – | 15,934 | 15,934 | |
| ============== | ============== | ============================ | ============================ | ||
| 8. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Other Charitable expenses | 2,367 | – | 2,367 | ||
| Welfare funds | 88,386 | – | 88,386 | ||
| Place of worship expenses | 51,146 | – | 51,146 | ||
| Burial Ground Fund - Upkeep and funerals | 26,426 | – | 26,426 | ||
| Repairs and maintenance | 228,248 | – | 228,248 | ||
| Depreciation | 1,975 | 69,422 | 71,397 | ||
| WZCC | 1,744 | – | 1,744 | ||
| Educational funds | – | 33,900 | 33,900 | ||
| Religious funds | – | 73,759 | 73,759 | ||
| Library funds | – | 907 | 907 | ||
| Sesquicentennial Fund for Propagation | of | ||||
| Zoroastrianism, Inter-faith and Goodwill | – | 22,028 | 22,028 | ||
| Support costs | 67,889 | – | 67,889 | ||
| -------------------------------- | -------------------------------- | -------------------------------- | |||
| 468,182 | 200,016 | 668,198 | |||
| ================================ | ================================ | ================================ |
21
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
8. Expenditure on charitable activities by fund type (continued)
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Other Charitable expenses | 652 | – | 652 |
| Welfare funds | 62,839 | – | 62,839 |
| Place of worship expenses | 37,080 | – | 37,080 |
| Burial Ground Fund - Upkeep and funerals | 26,455 | – | 26,455 |
| Repairs and maintenance | 34,273 | – | 34,273 |
| Depreciation | 2,249 | 69,422 | 71,671 |
| WZCC | 2,082 | – | 2,082 |
| Educational funds | – | 23,051 | 23,051 |
| Religious funds | – | 33,365 | 33,365 |
| Medical relief funds | – | 13,361 | 13,361 |
| Library funds | – | – | – |
| Sesquicentennial Fund for Propagation of | |||
| Zoroastrianism, Inter-faith and Goodwill | – | 15,255 | 15,255 |
| Support costs | 66,017 | – | 66,017 |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| 231,647 | 154,454 | 386,101 | |
| ================================ | ================================ | ================================ |
9. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total funds | Total fund | |
| directly | costs | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Other Charitable expenses | 2,367 | – | 2,367 | 652 |
| Welfare funds | 88,386 | – | 88,386 | 62,839 |
| Place of worship expenses | 51,146 | – | 51,146 | 37,080 |
| Burial Ground Fund - Upkeep and | ||||
| funerals | 26,426 | – | 26,426 | 26,455 |
| Repairs and maintenance | 228,248 | – | 228,248 | 34,273 |
| Depreciation | 71,397 | – | 71,397 | 71,671 |
| WZCC | 1,744 | – | 1,744 | 2,082 |
| Educational funds | 33,900 | – | 33,900 | 23,051 |
| Religious funds | 73,759 | – | 73,759 | 46,726 |
| Library funds | 907 | – | 907 | – |
| Sesquicentennial Fund for Propagation | ||||
| of Zoroastrianism, Inter-faith and | ||||
| Goodwill | 22,028 | – | 22,028 | 15,255 |
| Governance costs | – | 67,889 | 67,889 | 66,017 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | |
| 600,309 | 67,889 | 668,198 | 386,101 | |
| ================================ | ============================ | ================================ | ================================ |
22
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
10. Net (losses)/gains on investments
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Realised gain/(loss) on sale of investments | – | – | – | |
| Unrealised gain/(loss) on investment | (62,767) | (128,135) | (190,902) |
|
| ---------------------------- | -------------------------------- | -------------------------------- | ||
| (62,767) | (128,135) | (190,902) |
||
| ============================ | ================================ | ================================ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2022 | ||
| £ | £ | £ | ||
| Realised gain/(loss) on sale of investments | 7,310 | 14,024 | 21,334 | |
| Unrealised gain/(loss) on investment | 94,895 | 182,079 | 276,974 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| 102,205 | 196,103 | 298,308 | ||
| ================================ | ================================ | ================================ | ||
| 11. | Net income | |||
| Net income is stated after charging/(crediting): | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 71,397 | 71,671 | ||
| ============================ | ============================ | |||
| 12. | Auditors’ remuneration | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Fees payable for the audit of the financial statements | 6,180 | 6,000 | ||
| ======================= | ======================= |
23
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
13. Staff costs
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 89,741 | 87,418 |
| Social security costs | 2,989 | 3,367 |
| Employer pension contribution | 1,656 | 1,734 |
| ---------------------------- | ---------------------------- | |
| 94,386 | 92,519 | |
| ============================ | ============================ |
The average weekly number of employees excluding directors was 4 (2022: 4).
In addition to salaried employees and contribution of time by the Trustees and the Management Committee / Directors without remuneration, other volunteers contributed a significant amount of time to the charity by providing professional and other services during the year. Due to the difficulty in determining their value, contributed services are not recorded in the financial statements. There are no employees with emoluments above £60,000.
14. Trustee remuneration and expenses
None of the Trustees or Management Committee Members received any remuneration nor reclaimed any personal expenses during the year.
15. Tangible fixed assets
| Freehold | Fixtures and | ||
|---|---|---|---|
| property | fittings | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1st April 2022 and 31st March 2023 | 3,492,131 | 179,315 | 3,671,446 |
| ========================================= | ================================ | ========================================= | |
| Depreciation | |||
| At 1st April 2022 | 1,146,104 | 168,954 | 1,315,058 |
| Charge for the year | 69,843 | 1,554 | 71,397 |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |
| At 31st March 2023 | 1,215,947 | 170,508 | 1,386,455 |
| ========================================= | ================================ | ========================================= | |
| Carrying amount | |||
| At 31st March 2023 | 2,276,184 | 8,807 | 2,284,991 |
| ========================================= | ================================ | ========================================= | |
| At 31st March 2022 | 2,346,027 | 10,361 | 2,356,388 |
| ========================================= | ================================ | ========================================= |
24
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
15. Tangible fixed assets (continued)
Freehold Properties Breakdown
| Freehold Properties Breakdown | |||
|---|---|---|---|
| Harrow | Brookwood | Total | |
| £ | £ | £ | |
| Cost at 1st April 2022 | 3,471,080 | 21,051 | 3,492,131 |
| ============================================= | =============================== | ========================================== | |
| Depreciation | |||
| At 1st April 2022 | 1,137,695 | 8,409 | 1,146,104 |
| Charge for the year | 69,422 | 421 | 69,843 |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |
| At 31st March 2023 | 1,207,117 | 8,830 | 1,215,947 |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |
| Carrying amount | |||
| At 31st March 2023 | 2,263,963 | 12,221 | 2,276,184 |
| ============================================= | =============================== | ========================================== | |
| At 31st March 2022 | 2,333,385 | 12,642 | 2,346,027 |
| ============================================= | =============================== | ========================================== |
Brookwood is a freehold property.
Depreciation has been provided on freehold properties at 2% per annum on straight line basis. In the opinion of the Trustees and Management Committee/Directors, the market value as at 31st March 2023 exceeds the book value shown above.
All tangible fixed assets are held for conducting the charity's activities. These include heritage assets which would have been donated at various times and for which no values can be attributed within the financial statements.
16. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1st April 2022 | 4,235,754 |
| Additions | 328,897 |
| Disposals | (16,690) |
| Fair value movements | (190,902) |
| ----------------------------------------- | |
| At 31st March 2023 | 4,357,059 |
| ========================================= | |
| Impairment | |
| At 1st April 2022 and 31st March 2023 | |
| Carrying amount | |
| At 31st March 2023 | 4,357,059 |
| ========================================= | |
| At 31st March 2022 | 4,235,754 |
| ========================================= |
All investments shown above are held at valuation.
25
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
16. Investments (continued)
Financial assets held at fair value
| Listed | Premium | ||
|---|---|---|---|
| Investments | Bonds | Total | |
| £ | £ | £ | |
| Cost at 1st April 2022 | 4,234,819 | 935 | 4,235,754 |
| Additions | 328,897 | 328,897 | |
| Disposals | (16,690) | (16,690) | |
| Fair value movements | (190,902) | (190,902) | |
| ----------------------------------------- | ----------------------------------------- | ||
| At 31st March 2023 | 4,356,124 | 935 | 4,357,059 |
| ========================================= | ========================================= | ||
| Historical cost at 31st March 2023 | 3,393,407 | 935 | 3,394,342 |
| ======================= | ===== | ============================ | |
| Historical cost at 31st March 2022 | 3,991,541 | 935 | 3,992,476 |
| ================ | ===== | ============= |
The net unrealised loss at 31st March 2023 amounted to £190,902 (2022: unrealised gain £276,974) and net realised gain at 31st March 2022 amounted to £nil (2022: £21,334).
17. Debtors
| Debtors | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Other debtors | 221,622 | 26,531 |
| ================================ | ============================ |
As at 31 March 2023, the unusually high balances in other debtors include amounts paid in connection with the 8 World Zoroastrian Youth Congress (and the WZCC Conclave), which took place after this financial year in July and August 2023, respectively.
The debtors above include the following amounts falling due after more than one year:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other debtors | - | 8,000 |
| ================================ | ============================ | |
| Creditors: amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Accruals and deferred income | 15,468 | 12,090 |
| Other creditors | 285,336 | 2,917 |
| -------------------------------- | ---------------------------- | |
| 300,804 | 15,007 | |
| ================================ | ============================ |
18. Creditors: amounts falling due within one year
As at 31 March 2023, the unusually high balances in other creditors include amounts received in connection with the 8 World Zoroastrian Youth Congress (and the WZCC Conclave), which took place after this financial year in July and August 2023, respectively.
26
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
| 19. Unrestricted funds | ||||||||
|---|---|---|---|---|---|---|---|---|
| At 1stApril | Transfers | Income | Expenditure | Investment | Gains and | At 31st | ||
| 2022 | Income | (losses) | March 2023 | |||||
| £ | £ | £ | £ | £ | £ | £ | ||
| General Unrestricted Funds | 320,034 | - | 139,380 | (164,332) | 56,286 | (62,767) | 289,003 | |
| Designated Unrestricted Funds | ||||||||
| Religious Funds: Appurtenances maintenance | 4,459 | - | - | - | - | - | 4,459 | |
| Burial Ground Fund: Upkeep and funerals | 239,775 | - | 29,530 | (26,426) | - | - | 242,879 | |
| Grave Plot Reservation | 45,420 | - | - | - | - | - | 45,420 | |
| Zartoshty Bros Designated Fund | 77,778 | - | 3,000 | (47,432) | - | - | 33,346 | |
| Maintenance Fund | 873,422 | - | - | (228,248) | - | - | 645,174 | |
| ZTFE Development Fund | 294,757 | - | - | - | - | - | 294,757 | |
| Relief Appeals | 8,819 | - | - | - | - | - | 8,819 | |
| WZCC | 4,977 | - | 2,513 | (1,744) | - | - | 5,746 | |
| Sheroo Rustomji Bequest | 19,925 | - | - | - | - | - | 19,925 | |
| Banoo Patell Bequest | 12,000 | - | - | - | - | - | 12,000 | |
| Ruby & Russy Piroshaw Bilimoria Bequest | 270,167 | - | - | - | - | - | 270,167 | |
| Dolly & Hoshang Rustomji Khambatta Bequest | 381,556 | - | - | - | - | - | 381,556 | |
| Minoo M Kalifa Memorial Fund for 8WZYC | 10,000 | - | - | - | - | - | 10,000 | |
──────────── |
──────────── |
──────────── |
──────────── |
──────────── |
────────── |
──────────── |
||
| TOTAL DESIGNATED FUNDS | 2,243,055 | - | 35,043 | (303,850) | - | - | 1,974,248 | |
════════════ |
════════════ |
════════════ |
════════════ |
════════════ |
══════════ |
════════════ |
||
──────────── |
──────────── |
──────────── |
──────────── |
──────────── |
────────── |
──────────── |
||
| TOTAL UNRESTRICTED FUNDS | 2,563,089 | - | 174,423 | (468,182) | 56,286 | (62,767) | 2,262,849 | |
════════════ |
════════════ |
════════════ |
════════════ |
════════════ |
══════════ |
════════════ |
||
a |
27
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
| 19. Analysis of charitable funds (continued) | |||||||
|---|---|---|---|---|---|---|---|
| Restricted Funds | |||||||
| At 1stApril | Transfers | Income | Expenditure | Investment | Gains and | At 31st March | |
| 2022 | Income | (losses) | 2023 | ||||
| £ | £ | £ | £ | £ | £ | £ | |
| House Purchase Fund | |||||||
| Faridoon & Mehraban Zartoshty Fund | 63,775 | - | - | - | - | - | 63,775 |
| Arbab Rustam Guiv & Madam Guiv Fund | 61,614 | - | - | - | - | - | 61,614 |
| House Purchase Fund (88, Compayne Gardens) | 30,574 | - | - | - | - | - | 30,574 |
| Sir Dhunjibhoy & Lady Bomanji Fund | 7,000 | - | - | - | - | - | 7,000 |
| Lady Freny Dhunjibhoy Bomanji Bequest | 5,000 | - | - | - | - | - | 5,000 |
| Sir Cowasji Jehangir New Premises Fund | 5,000 | - | - | - | - | - | 5,000 |
| House Extension Fund | 80,831 | - | - | - | - | - | 80,831 |
| J D Moos Memorial Fund | 3,538 | - | - | - | - | - | 3,538 |
| Dasturji Sohrabji Hormashji Kutar Fund Hall Donation | 16,809 | - | - | - | - | - | 16,809 |
──────────── |
──────────── |
──────────── |
──────────── |
──────────── |
────────── |
──────────── |
|
| 274,141 | - | - | - | - | - | 274,141 | |
| New Premises Fund | |||||||
| 440 Alexandra Avenue- Property fund | 492,718 | - | 2,301 | (69,422) | - | - | 425,597 |
| Refurbishment fund | 1,470,078 | - | - | - | - | - | 1,470,078 |
| Atash Dadgah fund | 24,931 | - | - | - | - | - | 24,931 |
| Brookwood extension appeal | 20,089 | - | - | - | - | - | 20,089 |
──────────── |
──────────── |
──────────── |
──────────── |
──────────── |
────────── |
──────────── |
|
| 2,281,957 | - | 2,301 | (69,422) | - | - | 2,214,836 | |
| ════════════ | ═══════════ | ═══════════ | ════════════ | ═══════════ | ════════ | ══════════ |
28
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
| 19. Analysis of charitable funds (continued) | |||||||
|---|---|---|---|---|---|---|---|
| Restricted Funds | |||||||
| At 1stApril | Transfers | Income | Expenditure | Investment | Gains and | At 31st | |
| 2022 | Income | (losses) | March 2023 | ||||
| £ | £ | £ | £ | £ | £ | £ | |
| Educational and Charity Funds | |||||||
| Broacha Trust | 51,965 | - | - | - | 2,043 | (2,279) | 51,729 |
| Mancheshaw S Vajifdar Bequest | 64,610 | - | - | - | 2,540 | (2,833) | 64,317 |
| Faridoon & Mehraban Zartoshty Fund | 63,908 | - | - | - | 2,513 | (2,802) | 63,619 |
| Dinshaw N E Dinshaw Fund | 20,314 | - | - | - | 799 | (891) | 20,222 |
| Athravan Educational Fund | 7,110 | - | - | - | 280 | (312) | 7,078 |
| Dr S H Kutar Fund for Medical Students | 59,434 | - | - | - | 2,337 | (2,606) | 59,165 |
| Navroze Modi Memorial Fund | 8,639 | - | - | - | 340 | (379) | 8,600 |
| Zoroastrian Education Fund | 8,318 | - | - | - | 327 | (365) | 8,280 |
| Faridoon & Mehraban Zartoshty Fund - Zoroastrian | 705,423 | - | - | (33,900) | 27,737 | (30,931) | 668,329 |
| Studies | |||||||
| Senior Citizens Home Appeal Fund | 184,303 | - | - | - | 7,247 | (8,081) | 183,469 |
| Meher & Derek Wells Senior Citizen Home Appeal | 64,246 | - | - | - | 2,526 | (2,817) | 63,955 |
| Fund | |||||||
| Sesquicentennial Fund for Propagation of | 276,566 | - | 1,500 | (22,028) | 10,874 | (12,127) | 254,785 |
| Zoroastrianism, Inter-faith, and Goodwill | |||||||
| Zoroastrian Scholarship for STEM subjects | - | - | 300,000 | - | - | 300,000 | |
| ─────── | ──────── | ───── | ─────── | ────── | ───── | ────── | |
| 1,514,836 | - | 301,500 | (55,928) | 59,563 | (66,423) | 1,753,548 | |
| ═══════ | ════════ | ═════ | ═══════ | ══════ | ═════ | ══════ |
29
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
| 19. Analysis of charitable funds (continued) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Restricted Funds | ||||||||
| At 1stApril | Transfers | Income | Expenditure | Investment | Gains and | At 31st | ||
| 2022 | Income | (losses) | March 2023 | |||||
| £ | £ | £ | £ | £ | £ | |||
| Religious Funds | ||||||||
| Mobed Fund | 268,446 | - | 12,875 | (18,771) | 10,555 | (11,771) | 261,334 | |
| Sesquicentennial Mobed Fund | 64,246 | - | - | (4,127) | 2,526 | (2,817) | 59,828 | |
| Faridoon M Madon MBE Mobed Fund | 50,853 | - | - | (3,173) | 2,000 | (2,230) | 47,450 | |
| AAJEA Mobed Education Fund | 168,627 | - | 225,000 | (10,833) | 6,630 | (7,394) | 382,030 | |
| AAJEA Development Fund | 50,000 | - | - | (3,212) | 1,966 | (2,192) | 46,562 | |
| DK Mobed Fund | 148,284 | - | - | (9,526) | 5,830 | (6,502) | 138,086 | |
| RPKP Mobed Fund | 37,070 | - | - | (2,381) | 1,458 | (1,625) | 34,522 | |
| Minoo M Kalifa Fund for J NoRuz &Sh Navroze | 60,138 | - | 10,990 | (9,398) | 2,365 | (2,637) | 61,458 | |
| Zartoshty Brothers Ghambar Jashn-e-Tirigan | 35,088 | - | - | - | 1,380 | (1,539) | 34,929 | |
| Faridoon & Mehraban Zartoshty Memorial Fund | 35,988 | - | 82 | (722) | 1,415 | (1,578) | 35,185 | |
| Bahman & Nahid Mobed Fund for Fasli Khordad Sal & | 18,380 | - | 3,127 | (5,816) | 723 | (806) | 15,608 | |
| Zarthost-no-Diso | ||||||||
| Dasturji S & Mrs S Kutar fund for Athornan Children | 84,509 | - | - | - | 3,323 | (3,705) | 84,127 | |
| Mehraban & Goli Farhangi Fund for Jashn-e Mehrgan | 7,110 | - | 906 | (1,052) | 280 | (312) | 6,932 | |
| & Jashn-e-Sadeh | ||||||||
| Dr Homi Pithwala Khordad Sal Ghambar Fund | 18,426 | - | 3,792 | (3,805) | 725 | (808) | 18,330 | |
| Arbab Rustam Guiv & Madam Guiv Fund | 10,148 | - | - | - | 399 | (445) | 10,102 | |
| Shirmand K Bekhradina Fund for YZ activities | 7,756 | - | - | - | 305 | (340) | 7,721 | |
| Y Z Religious Activities Fund | 42,208 | - | - | (86) | 1,660 | (1,851) | 41,931 | |
| Simin and Shahrokh Noruz Children’s Fund | 9,672 | - | - | (853) | 380 | (424) | 8,775 | |
| Sandalwood & Kathi, Setayash Gah Fund | 72,909 | - | 10,488 | - | 2,867 | (3,197) | 83,067 |
30
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
19. Analysis of charitable funds (continued) Restricted Funds
| 19. Analysis of charitable funds (continued) Restricted Funds |
||||||||
|---|---|---|---|---|---|---|---|---|
| At 1stApril | Transfers | Income | Expenditure | Investment | Gains and | At 31st | ||
| 2022 | Income | (losses) | March 2023 | |||||
| £ | £ | £ | £ | £ | £ | |||
| Religious Funds | ||||||||
| H Gagrat Prayer Fund | 6,207 | - | - | - | 244 | (272) | 6,179 | |
| Poor Peoples Project | 17,162 | - | 2,627 | - | 675 | (753) | 19,711 | |
| Phiroze, Roshan & Homi D Munshi for | 32,026 | - | - | - | 1,259 | (1,404) | 31,881 | |
| Adibehest, Ava and Zarthost-no-Diso Jashans | ||||||||
| ────── | ─────── | ───── | ─────── | ────── | ─────── | ────── | ||
| 1,245,253 | - | 269,887 | (73,759) | 48,965 | (54,602) | 1,435,748 | ||
| ══════ | ═══════ | ═════ | ═══════ | ══════ | ═══════ | ══════ | ||
| Library Funds | ||||||||
| Prof. S Hormusji M & Mrs Shirin S Modi Library Funds | 5,174 | - | - | - | - | - | 5,174 | |
| Zartoshty Brothers Library | 5,213 | - | - | - | 205 | (229) | 5,189 | |
| Libraryand and Exhibition funds – other | 90,285 | - | - | (907) | 3,550 | (3,959) | 88,969 | |
| ────── | ─────── | ───── | ─────── | ────── | ─────── | ────── | ||
| 100,672 | - | - | (907) | 3,755 | (4,188) | 99,332 | ||
| ══════ | ═══════ | ═════ | ═══════ | ══════ | ═══════ | ══════ | ||
| Entrepreneur Funds | ||||||||
| Entrepreneur funds | 13,092 | - | - | - | 515 | (574) | 13,033 | |
| ────── | ─────── | ───── | ─────── | ────── | ─────── | ────── | ||
| 13,092 | - | - | - | 515 | (574) | 13,033 | ||
| ══════ | ═══════ | ═════ | ═══════ | ══════ | ═══════ | ══════ |
31
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
| 19. Analysis of charitable funds (continued) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Restricted Funds | |||||||||
| At 1stApril | Transfers | Income | Expenditure | Investment |
Gains and | At 31st | |||
| 2022 | Income | (losses) March 2023 |
|||||||
| £ | £ | £ | £ | £ | £ | ||||
| Grave Maintenance | |||||||||
| Individual Funds | 22,921 | - | - | - | - | - | 22,921 | ||
| Jerbai Wadia Settlement | 6,456 | - | - | - | 254 | (283) | 6,427 | ||
| General Fund | 24,160 | - | - | - | 950 | (1,059) | 24,051 | ||
| ────── | ─────── | ───── | ─────── | ────── | ─────── | ────── | |||
| 53,537 | - | - | - | 1,204 | (1,342) | 53,399 | |||
| ══════ | ═══════ | ═════ | ═══════ | ══════ | ═══════ | ══════ | |||
| Medical relief fund | |||||||||
| Medical relief fund | 23,030 | - | 6,230 | - | 906 | (1,010) | 29,156 | ||
| ────── | ─────── | ───── | ─────── | ────── | ─────── | ────── | |||
| 23,030 | - | 6,230 | - | 906 | (1,010) | 29,156 | |||
| ══════ | ═══════ | ═════ | ═══════ | ══════ | ═══════ | ══════ | |||
| Total Restricted Funds | 5,232,376 | - | 579,921 | (200,016) | 114,905 | (128,135) | 5,599,052 | ||
| ═══════ | ═══════ | ═══════ | ══════ | ═══════ | ═══════ | ═══════ |
32
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st March 2023
20. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | – | 2,284,991 | 2,284,991 |
| Investments | 1,979,577 | 2,377,482 | 4,357,059 |
| Current assets | 283,272 | 936,579 | 1,219,851 |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | |
| Net assets | 2,262,849 | 5,599,052 | 7,861,901 |
| ========================================= | ========================================= | ========================================= | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | – | 2,356,388 | 2,356,388 |
| Investments | 2,297,987 | 1,937,767 | 4,235,754 |
| Current assets | 265,102 | 938,221 | 1,203,323 |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | |
| Net assets | 2,563,089 | 5,232,376 | 7,795,465 |
| ========================================= | ========================================= | ========================================= | |
| Analysis of changes in net debt | |||
| At | |||
| At 1 Apr 2022 | Cash flows | 31 Mar 2023 | |
| £ | £ | £ | |
| Cash at bank and in hand | 1,191,799 | 107,234 | 1,299,033 |
| ========================================= | ================================ | ========================================= |
21. Analysis of changes in net debt
33
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Management Information
Year ended 31st March 2023
The following pages do not form part of the financial statements.
34
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 31st March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations: (other) | 124,753 | 51,595 |
| Burial Ground Fund - Upkeep and funerals | 29,530 | 32,683 |
| WZCC | 2,513 | 2,790 |
| Place of worship | 9,642 | 774 |
| Medical relief fund | 6,230 | 13,734 |
| Poor Peoples Project | 2,627 | 2,053 |
| Religious funds | 22,047 | 7,811 |
| Mobed fund | 12,875 | 18,895 |
| Sesquicentennial Fund for Propagation of Zoroastrianism, Inter-faith and | ||
| Goodwill | 1,500 | 5,760 |
| Educational fund | – | 25,496 |
| Income tax recoverable | 12,242 | – |
| Bequests | 525,000 | 150,853 |
| Ordinary membership subscriptions | 1,185 | 1,095 |
| Life membership subscriptions | 4,200 | 600 |
| -------------------------------- | -------------------------------- | |
| 754,344 | 314,139 | |
| -------------------------------- | -------------------------------- | |
| Investment income | ||
| Dividend Income | 166,516 | 144,128 |
| Bank Interest received | 4,675 | 77 |
| -------------------------------- | -------------------------------- | |
| 171,191 | 144,205 | |
| -------------------------------- | -------------------------------- | |
| Other income | ||
| Government grant | – | 15,934 |
| -------------- | ---------------------------- | |
| -------------------------------- | -------------------------------- | |
| Total income | 925,535 | 474,278 |
| ================================ | ================================ | |
| Governance costs and expenditure on charitable activities | ||
| Expenditure on charitable activities | 600,309 | 306,723 |
| Wages and salaries | 56,809 | 53,348 |
| Legal and professional fees | 7,182 | 7,763 |
| Other office costs | 3,388 | 4,578 |
| Other interest payable and similar charges | 421 | 211 |
| Medical relief funds | 54 | 13,443 |
| Subscriptions | 35 | 35 |
| -------------------------------- | -------------------------------- | |
| 668,198 | 386,101 | |
| -------------------------------- | -------------------------------- | |
| -------------------------------- | -------------------------------- | |
| Total expenditure | 668,198 | 386,101 |
| ================================ | ================================ |
35
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Detailed Statement of Financial Activities (continued)
Year ended 31st March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Net losses/(gains) on investments | ||
| Realised (gain)/loss on sale of investments | – | (21,334) |
| Unrealised (gain)/loss on investment | 190,902 | (276,974) |
| -------------------------------- | -------------------------------- | |
| 190,902 | (298,308) | |
| -------------------------------- | -------------------------------- | |
| ---------------------------- | -------------------------------- | |
| Net income | 66,435 | 386,485 |
| ============================ | ================================ |
36
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31st March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Other Charitable expenses | ||
| Activities undertaken directly | ||
| Other charitable expenses | 2,367 | 652 |
| ----------------------- | -------------- | |
| Welfare funds | ||
| Activities undertaken directly | ||
| Welfare Funds | 88,386 | 62,839 |
| -------------------------------- | ---------------------------- | |
| Place of worship expenses | ||
| Activities undertaken directly | ||
| Place of worship expenses | 51,146 | 37,080 |
| ---------------------------- | ---------------------------- | |
| Burial Ground Fund - Upkeep and funerals | ||
| Activities undertaken directly | ||
| Burial Ground Fund- Upkeep and funerals | 26,426 | 26,455 |
| ---------------------------- | ---------------------------- | |
| Repairs and maintenance | ||
| Activities undertaken directly | ||
| Repairs and maintenance | 228,248 | 34,273 |
| -------------------------------- | ---------------------------- | |
| Depreciation | ||
| Activities undertaken directly | ||
| Depreciation | 71,397 | 71,671 |
| ---------------------------- | ---------------------------- | |
| WZCC | ||
| Activities undertaken directly | ||
| WZCC | 1,744 | 2,082 |
| ----------------------- | ----------------------- | |
| Educational funds | ||
| Activities undertaken directly | ||
| Educational funds | 33,900 | 23,051 |
| ---------------------------- | ---------------------------- | |
| Religious funds | ||
| Activities undertaken directly | ||
| Religious funds | 73,759 | 33,365 |
| Medical Relief Funds | – | 13,361 |
Carried forward
------------------------------------------------------58,854 46,726
37
The Zoroastrian Trust Funds Of Europe (Incorporated)
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities (continued)
Year ended 31st March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Brought forward | 58,854 | 46,726 |
| ---------------------------- | ---------------------------- | |
| 58,854 | 46,726 | |
| ---------------------------- | ---------------------------- | |
| Library funds | ||
| Activities undertaken directly | ||
| Library funds | 907 | – |
| -------------- | -------------- | |
| Sesquicentennial Fund for Propagation of Zoroastrianism, Inter-faith and Goodwill | ||
| Activities undertaken directly | ||
| Sesquicentennial Fund for Propagation of Zoroastrianism | 22,028 | 15,255 |
| ---------------------------- | ---------------------------- | |
| Governance costs | ||
| Office salaries | 56,809 | 53,348 |
| Auditors’ remuneration | 6,000 | 6,000 |
| Legal and other professional fees | 1,182 | 1,763 |
| Telephone, printing, postage and stationery | 3,388 | 4,578 |
| Bank charges | 421 | 211 |
| Miscellaneous expense | 54 | 82 |
| Subscriptions | 35 | 35 |
| ---------------------------- | ---------------------------- | |
| 67,889 | 66,017 | |
| ---------------------------- | ---------------------------- | |
| -------------------------------- | -------------------------------- | |
| Expenditure on charitable activities | 668,198 | 386,101 |
| ================================ | ================================ |
38